St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-08-31
"A SEIIOUS STATEMENT
Made by a New York PaperAgainst
Certain Roads

y l.
Certain Roads.
NEW YORK, Aug. 3O.-The substance
of the following appears cOnspicuously
in the Sun this morning: There was
practically an absence of distressing
rumOrs in Wall street yesterday ,and the
change from last week, when the air was
fairly laden with reports of impending
disasters, was grateful to nearly every
one. The most serious statement, how
ever, was made in reference to the Ore
gOn & Transcontinental company, and
was to the effect that through the Specu-
latiOns of some of it's directors it had be-
come saddled with S., 100000 of Oregon
Railway & Navigation bonds, which in
creased its floating Indebtedness to
$11, 100000. This charge has no basis in
fact. The bonds referred to were part
part of an issue sold to syndicate, and
as the Oregon Railway & Navigation
company wanted the money for them,
pending the delivery of the bonds, it bor-
rOwed the money from the Oregon &
TranScontinental company, giving its
notes for the amount and the bonds as
collateral. Granting that the Oregon &
TranScOntinental may have had to bOr-
row some of the money to make this
transaction, it holds the notes and the
bonds as an asset against whatever liza
bility it may have incurred on account
of the transaction. and is no worse off
financially than if it had not engaged in
this piece of financiering. The whole
matter was probably within the province
of the Oregon q TranScOntinental, which
was formed to build and tinancier the
Northern Pacific and allied companies.
r. ha yontnd hof MI nf re
operation i'm behalf of the Northern Pa
cific company it is now trying to collect
claim against that company of about
s.. 600, 900. Its efforts to have this claim
adjusted are spoken of by some of the
Northern Pacific people as an effort to
wreck that company. Wall street would
not have known much about the attacks
referred to had its attention not been
called to them by
A COMPREHENSIVE SUMMARY
that was published on Friday morning
by Kiernan'S news agency, the mana
ger of which appears to have been ig-
nOrant of that section of the law relat-
ing to libel, which sets forth that the
previous publication of libel is no de-
Tense for circulating the same. Mana
ger William p. Sullivan, of Kiernan's,
does not appear to have been alone re-
sponsible for publishing the matter,
so far as Wall street is concerned,
since he was instigated cor in
induced to do so by Director Brayton
Ives, of the Northern Pacific Railroad
company. An investigation of the re-
latiOnS of these two persons to the
wider and more complete publication of
the attack would reveal some interest
ing facts. Since Wall street has learned
of the part Director Ives played in the
matter, and has, in consequence of the
row it has raised, procured copies of the
entire article, the expression is very
general that the literary work is, to say
the least, very close imitation of Di-
rector Ives style. 1t is also remem-
bered that only few months ago Di-
rector Ives was caught practically in the
act of filling the financial column of the
Evening Post with miSstatementS calcu-
lated to depreciate the Oregon stocks.
fridays effort was more successful, for
it unquestionably helped knock 8 per
cent. off the price of Oregon & Trans
continental, and per cent. from Ore
gon Railway & Navigation. No one
can complain that the libel was not eff
fective. Naturally Mr.. BraytOn Ives
persistent attacks upon the Oregon COM
panies and those identified with them
have excited good deal of interest in
the street, as Ives is prominent in the
management of the stock exchange,
being an ex-preSident and now gov
ernOr and a member of the law COM
mittee, and also of a special committee
that is inquiring into the causes of the
present dullneSS of business on the ex-
change.